Journal of Financial Intermediation Vol. 11 No. 3 2002
The Economics of Stock Exchange Listing Fees and Listing Requirements
Abstract
This paper investigates the once and future role of listing fees. We consider the theory of listing fees and why such a pricing structure initially evolved. We show how capital market developments have changed the desirability, and even viability, of this pricing structure. We then analyze the economics of listing fees. While providing revenue to the exchange, listing fees impose large (opportunity) costs, and we analyze this trade-off, presenting evidence from the New York Stock Exchange. We also discuss what types of listing requirements make economics sense for exchanges (or perhaps regulators) to impose on companies. Finally we consider whether listing fees will continue to survive. Journal of Economic Literature Classification Numbers: G10, G18, K22, K23.
- DOI
- 10.1006/jfin.2002.0343
- Volume
- 11
- Issue
- 3
- Pages
- 297-319
- Language
- en
- Sources
- bibtex:phds-export.bib openalex crossref